Exhibit 10.32
NewPage Corporation
April 5, 2006
Mr. Peter H. Vogel
2245 Jaime Rose Way
Centerville, OH 45459
Dear Peter:
The purpose of this letter agreement (the “Agreement”)
is to acknowledge and set forth the terms of our agreement
regarding the termination of your employment under the Employment
Agreement between NewPage Corporation (the “Company”)
and you dated May 2, 2005 (the “Employment
Agreement”). Capitalized terms not defined in this
Agreement, shall have the definitions given to them in the
Employment Agreement.
1.
You confirm that your last day of employment with the Company was
February 28, 2006 (the “Termination Date”), and
effective as of such date, you resigned from your position as
President and Chief Executive Officer of the Company. In
addition, effective as of the Termination Date, you resigned from
all offices, directorships and fiduciary capacities held with, or
on behalf of, the Company and its subsidiaries and affiliates or
any benefit plan sponsored by them. Except as set forth
herein, the Employment Agreement and the Term (as defined therein)
terminated on the Termination Date.
2.
In consideration of the obligations herein and in full satisfaction
of its obligations to you pursuant to the Employment Agreement or
otherwise,
(a)
The Company shall pay you accrued
but unpaid Base Salary through the Termination Date, payable within
ten (10) days following the execution hereof;
(b)
The Company shall pay you $252,500
(i.e., two times Base Salary minus the original purchase price paid
by you for your Paper Class A Common Percentage
Interests);
(c)
The Company shall pay you a payment
of $46,154 for accrued but unused 2006 vacation;
(d)
The Company shall pay you $66,667
(i.e., a pro rata bonus for the year of termination);
